Daily Spot

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Today’s Highlight Gold. That’s all. The bearish pattern seems to have culminated in a gap down testing “lower prior highs” that triggered a stunning reversal into positive territory. But that was too bullish, too soon, from too high. Meanwhile, the end of a Gold downleg can mean trouble for stocks.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Metals fluctuating widely, but currencies aren’t budging. Still no signal.

Eurodollar Jun Contract (EC, ETF: (FXE))
The range is no longer narrowing, so the first trending attempt won’t be any more or less likely to be false.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down sharply Thursday from Wednesday’s test of the 1285.00 bounce limit tested 1268.50 and then reacted up even more sharply to 1299.00. The balance of the session’s ranging was supported by Wednesday’s ~1289.00 highs. Back under 1285.00 would target a retest of Thursday’s opening gap.

Silver May Contract (SI, ETF: (SLV))
Thursday’s gap down spiked back up above Wednesday’s range, holding 19.75 to avoid triggering a recovery. The open’s gap will want to be filled at some future point, preferably sooner rather than later to form a durable bottom and to generate a new signal.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Thursday to 134-00 was the first part of a bearish setup that required extending down intraday. At least, not rallying. But the gap did bounce back into Wednesday’s range to attack its 134-18 high. Breaking back under 134-00 would still be bearish. There is not otherwise an active signal, although fresh highs aren’t out of the question.

Crude Oil Jun Contract (CL, ETF: (USO))
Thursday’s narrow ranging continues to suggest that a reversal down is premature, but I would still be interested in selling a fresh high’s first failure back under prior highs.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Wednesday’s optimistic hovering ahead of Thursday’s EIA report didn’t prove too fateful, as the session only ranged back down from 4.80 to 4.68.

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